Principal Financial Group, Inc. (NYSE:PFG) Position Reduced by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans lowered its position in shares of Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 17.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 19,921 shares of the company's stock after selling 4,228 shares during the quarter. Thrivent Financial for Lutherans' holdings in Principal Financial Group were worth $1,542,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Curio Wealth LLC acquired a new stake in shares of Principal Financial Group during the fourth quarter worth $29,000. Harbour Investments Inc. boosted its stake in Principal Financial Group by 17.6% in the 4th quarter. Harbour Investments Inc. now owns 1,838 shares of the company's stock worth $142,000 after buying an additional 275 shares during the last quarter. Commonwealth Equity Services LLC boosted its stake in Principal Financial Group by 2.1% in the 4th quarter. Commonwealth Equity Services LLC now owns 77,668 shares of the company's stock worth $6,012,000 after buying an additional 1,620 shares during the last quarter. Erste Asset Management GmbH grew its holdings in Principal Financial Group by 4.8% in the 4th quarter. Erste Asset Management GmbH now owns 4,400 shares of the company's stock valued at $342,000 after buying an additional 200 shares during the period. Finally, Farther Finance Advisors LLC increased its stake in shares of Principal Financial Group by 9.6% during the 4th quarter. Farther Finance Advisors LLC now owns 7,216 shares of the company's stock valued at $559,000 after acquiring an additional 632 shares during the last quarter. 75.08% of the stock is owned by hedge funds and other institutional investors.

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Principal Financial Group Stock Up 0.9 %

Shares of PFG traded up $0.78 during mid-day trading on Tuesday, reaching $85.15. 1,108,214 shares of the stock traded hands, compared to its average volume of 1,219,670. The stock has a fifty day simple moving average of $84.21 and a 200 day simple moving average of $83.72. Principal Financial Group, Inc. has a 12-month low of $72.21 and a 12-month high of $91.98. The company has a quick ratio of 0.30, a current ratio of 0.29 and a debt-to-equity ratio of 0.36. The firm has a market cap of $19.21 billion, a price-to-earnings ratio of 12.75, a P/E/G ratio of 0.76 and a beta of 1.17.

Principal Financial Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Wednesday, March 12th were issued a $0.75 dividend. The ex-dividend date was Wednesday, March 12th. This represents a $3.00 dividend on an annualized basis and a yield of 3.52%. This is an increase from Principal Financial Group's previous quarterly dividend of $0.73. Principal Financial Group's dividend payout ratio is currently 44.91%.

Wall Street Analyst Weigh In

PFG has been the topic of several research analyst reports. Piper Sandler raised their target price on shares of Principal Financial Group from $90.00 to $93.00 and gave the stock an "overweight" rating in a research report on Monday, February 10th. Morgan Stanley reiterated an "underweight" rating and issued a $80.00 price target (down previously from $86.00) on shares of Principal Financial Group in a report on Thursday, December 5th. JPMorgan Chase & Co. upgraded Principal Financial Group from a "neutral" rating to an "overweight" rating and dropped their price objective for the stock from $95.00 to $92.00 in a report on Tuesday, January 7th. Barclays increased their target price on Principal Financial Group from $77.00 to $80.00 and gave the stock an "underweight" rating in a research report on Friday, February 7th. Finally, Royal Bank of Canada reissued a "sector perform" rating and set a $91.00 price target on shares of Principal Financial Group in a research report on Thursday, January 16th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Principal Financial Group currently has a consensus rating of "Hold" and an average price target of $85.92.

About Principal Financial Group

Principal Financial Group, Inc provides retirement, asset management, and insurance products and services to businesses, individuals, and institutional clients worldwide. The company operates through Retirement and Income Solutions, Principal Asset Management, and Benefits and Protection segments. The Retirement and Income Solutions segment provides retirement, and related financial products and services.